Question

What group is primarily responsible for the creation of International Financial Reporting Standards (IFRS)?

a. International Forum on Accountancy Development (IFAD)

b. International Accounting Standards Board (IASB)

c. International Federation of Accountants (IFA)

d. Financial Accounting Standards Board (FASB)

Answer 1

The correct answer is Option B.

Step-by-step explanation:

International Accounting Standards Board (IASB) was established in 2001 to replace the International Accounting Standards Committee. It is a private-sector and independent body that approves and develops International Financial Reporting Standards (IFRS). IFRS is an accounting standard that tends to uniform the financial reporting standards across different organizations across different countries. The IASB also makes pronouncement on new and emerging IFRS standards.